Online Gambling with Cryptos – Can You Play at Non-GamStop Casinos?

Non-Gamstop casinos have seen a surge in popularity since the UK Gambling Commission applied a heavier hand in regulating the British gambling industry. With the UKGC and GamStop implementing a lengthy self-exclusion scheme, the restrictions started to expand out to gameplay and UK punters have been looking at non-UK casinos as an alternative.

One of the areas that saw tighter regulations was the funding methods used to access UK casinos. This has now seen cryptocurrencies emerging as an alternative funding option and these are commonly accepted at casinos outside of the UK. There are always pros and cons and we do our best to cover the most important ones in this article.

How Do Cryptocurrencies Work at Online Casinos?

The use of cryptocurrencies has started to grow more mainstream as platforms for using them outside of the crypto exchanges have expanded. Crypto Visa cards from the likes of crypto.com and PayPal’s decision to accept them as a method of payment has seen a new wave of institutional investment. Many online merchants are still not accepting cryptos as payments just yet, so that has seen online gaming emerge as an outlet for investors.

One of the benefits of using cryptocurrency technology was that it offers anonymity, however, this option is being nullified by the KYC requirements at some casinos and many punters are simply looking to spend some excess coins. Digital coins should consider whether running digital payments through KYC regulated casino firms is the best use of the coin’s features.

Non-UK Casinos are now offering extensive support for cryptocurrencies and these use designated Bitcoin addresses which users can send their coins to, in the same way as you would use an account number and sort code for bank transfers. Many casinos are also expanding their reach to altcoins with many accepting a wider range of coins such as ETH, LTC, and DOGE.

How Are Cryptocurrencies Restricted at UK Casinos?

The UKGC has imposed a blanket ban on credit card deposits and this is an example of the tougher stance taken to protect problem gamblers. It is right to tackle problem gambling but a one size fits measure never really works. Credit cards offered a little anonymity by separating transactions between everyday spending and entertainment costs such as betting. This can be helpful when applying for a mortgage, as banks may run through an applicant’s recent bank statements and betting transactions can still carry a stigma in the financial world.

Any UK casinos that wished to offer Bitcoin and other cryptos would also require strict KYC checks and, again, the anonymity of transactions is therefore lost. The UK financial regulators are not certain about how they treat digital currencies, but European Central Bank Chief Christine Lagarde was one financier who recently called for global regulation of the coins. The US SEC are also circling the industry in an attempt to protect the dominance of the coming government coins. Until there are regulations, UK firms are likely to avoid offering deposits and casinos not on GamStop will remain the go-to option for those seeking flexibility in their deposit options.

How Do Non-GamStop Casinos Handle Cryptocurrencies?

There are many casinos not on GamStop like those listed on non-gamstop-casinos.com. These foreign casinos are usually based in Europe, although more recently more sites have been popping up from Latin America. The rise of internet technology and faster internet speeds brought online gaming to our living rooms and mobile devices, and it also means that casinos no longer need physical locations. Companies have moved to set up in countries that can offer a more favourable climate and tax environment. European firms will have a more established regulatory regime, but maybe less limitations on crypto withdrawals. Latin American firms usually offer a looser regulatory environment and users can often setup an account without any proof of ID or address etc.

Non-UK Casinos are different in their approach to regulation and users should ensure that they apply due diligence to ensure that they are legitimate. The ones that are fair, will offer a similar environment to the ne that existed in the UK industry before the recent clampdown. If you are considering signing up for casinos not on GamStop then online forums are a good place to start to get reviews from fellow punters.

Should Crypto Casino Transactions Be Tracked?

Using cryptocurrencies in a KYC environment defeats the purpose of having money that is decentralized and not part of the existing financial system. It is a fair assessment that casino bettors should be held to the same standards to clamp down on tax avoidance and any black market activities such as money laundering, but allowing blockchain transactions to be tracked would not be the best tribute to the architects of blockchain money.

But the reality of the situation is that many investors have made good investment returns from cryptocurrencies and are now looking for avenues to cash out some of those gains.

Conclusion

The use of Non-UK casinos is becoming a popular option for consumers in the UK seeking an alternative to the tighter regulatory measures that exist in the gambling sector. It is right that measures are taken to limit problem gambling, but the authorities always go to far in an attempt to prove that they are taking action. Punters that are happy with their betting habits do not want to see limited funding options and in-play limitations, such as bet timers.

The use of cryptocurrencies in the UK is being limited because the FCA finance regulators are still undecided about how they will treat digital currencies. This means that UK casinos tend to steer clear of the funding method and non-UK casinos are the best option for those looking to take advantage of the option. The use of cryptocurrencies shouldn’t be seen as another way to avoid the GamStop exclusion rules, but these new digital coins are growing in use in the real world and the casinos are simply providing what consumers want.